Johnny Depp is reportedly not "embroiled in some hot and heavy new romance", although he is "keen to have some fun".

The Hollywood actor announced his split from his partner of 14-years Vanessa Paradis this week, with reports they worked tirelessly to make things work.

Rumours about the nature of Johnny's relationship with his The Rum Diary co-star Amber Heard have been rife of late, but a source insists Johnny isn't embarking on another romantic affair anytime soon.

"Johnny didn't want to be with Vanessa anymore. They had grown so far apart, and he wanted to be free and try new things," a source told RadarOnline.com.

"The spark had gone, and there was nothing left. Johnny just wants more from life and believes Vanessa deserves to be happier too. He's not embroiled in some hot and heavy new romance and he has no plans to jump straight into something straight away, but he is keen to have some fun again."

News of Depp and Paradis' split came after weeks of speculation surrounding the state of their relationship. They were apparently living separate lives for several months and have not been seen publicly together in a while.

Depp is reportedly happier now news of the breakup is public knowledge.

"Johnny was not handling keeping their split secret too well, it was difficult for him to carry on a farce, so now that it is out in the public he is feeling a lot happier about the situation," the source added.

It has also been revealed that Paradis could receive as much as US$156 million (NZ$ 198 million) in an out-of-court settlement. Johnny - who was never married to Vanessa - is reportedly likely to offer his ex a large sum to ensure the split remains amicable, according to British newspaper The Sun.

Depp and Paradis have two children together; Lily-Rose, 13, and Jack, nine.